Jio Financial Services revealed partnership
The financial entity announced in a filing that it has formed a 50:50 joint venture emphasizing wealth management, comprising the launch of a wealth management company and the subsequent establishment of a brokerage firm in India.
On April 15, Jio Financial Services, a subsidiary of Reliance Industries, revealed its partnership with US-based BlackRock to expand wealth management and broking services in India through a joint venture.
The financial entity, in a filing with the exchange, announced a 50:50 joint venture concentrating on wealth management, comprising the launch of a wealth management company and the subsequent establishment of a brokerage firm in India.
Today at 6:35 p.m., the Company, BlackRock, Inc., and BlackRock Advisors Singapore Pte. Ltd. signed an agreement to establish a 50:50 joint venture focused on wealth business, which involves forming a wealth management company and later a brokerage company in India,” stated the company.
Reliance Industries’ financial wing previously struck a deal with BlackRock in July 2023. They both committed $150 million each for a 50:50 joint venture, targeting the asset management sector in India.
The company reiterated that the joint venture will enhance its ties with BlackRock. This venture strengthens the Company’s relationship with BlackRock, Inc., with whom it announced a 50:50 joint venture on July 26, 2023, aiming to revolutionize India’s asset management industry through a digital-first approach and broaden access to investment solutions for Indian investors,” the company added. However, the launch is subject to obtaining regulatory approvals.
Both entities are also awaiting approval for their mutual funds license from SEBI, the market regulator.
This development precedes its March quarter earnings, slated for Friday, April 19.
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